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Pune-headquartered sustainable disposable packaging maker Xolopak India on Monday said it has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issuance of 52,86,000 equity shares, each with a face value of Rs 10 each, a company statement said.
Xolopak India Ltd (XIL), a leading player in sustainable disposable packaging products and India's first manufacturer of organic disposable cutlery and ice cream sticks and spoon products, has filed Draft Red Herring Prospectus (DRHP) with the NSE Emerge, the statement added.
Xolopak India logged nearly three-fold growth in its revenue from operations at Rs 31.47 crore in the fiscal year 2023-24, compared to Rs 11.87 crore in FY2022-23 and has posted a net profit of Rs 6.36 crore in FY24, as against Rs 3.48 crore in FY23.
As per to the DRHP, the Xolopak India intends to invest Rs 20 crore from the IPO proceeds for the acquisition of equity shares in Atharva Poly-Plast Pvt Ltd, Rs 20.17 crore to purchase a new plant and install machinery and plans to utilise the remaining funds for general corporate purposes.
After the planned acquisition, Atharva Poly-Plast will continue to expand to manufacturing of parts for appliances, televisions, electric scooters, electrical components, and executive chairs.
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The company will serve as a Grade-I supplier for prominent brands in the appliance and chair industries, including Godrej, Herman Miller, Steelcase, Haworth, and HNI-India.
With a manufacturing capacity of 3,000 metric tons per year, Xolopak Atharva currently utilizes 70 per cent of this capacity, positioning it for further growth and increased production capabilities under its new management and promoters.
The company is promoted by Shashank Mishra and Banani Chatterjee, who bring over 17 years of experience in sustainable disposable packaging and the dining dcor industry.
Beeline Capital Advisors Private Ltd is the sole Book Running Lead Manager and Bigshare Services Private Ltd is the Registrar to the offer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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